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Asset Management

Investment objectives, strategy and policy

FIB Avangard is an open-ended mutual fund, registered in Bulgaria, which invests in 20-30 shares of global public companies.

The primary investment objective of FIB Avangard is to achieve above-average long-term growth of its unit price, bearing moderate to high level of risk. An additional objective of the Fund is to provide ongoing liquidity for its shareholders’ investments.

FFBH Asset Management manages actively the portfolio of FIB Avangard using a combination of top-down approach and event-driven stock selection. We base our selection process of attractive and undervalued stocks both on our in-house valuation models and contacts with leading local brokers, providing investment ideas and equity research. FIB Avangard is usually aimed at the realization of capital gains but in times of market turmoil may invest a greater share of its assets in fixed-income securities or high dividend yield stocks.

General investment limits of FIB Avangard applied:

 

 

Securities

% of assets held

1

equities, share rights and other securities, equivalent to equities, admitted to or traded in Bulgaria

Up to 90%

2

equities, share rights and other securities, equivalent to equities, admitted to or traded in EU state or third country, approved by FSC

Up to 90%

3

units of collective investment undertakings, authorized to pursue business according Council Directive 85/611/EEC and/or of other collective investment undertakings, provided that they invest no more than 10% of their assets in units of other collective investment undertakings.

Up to 10%

4

Bank deposits

Up to 50%

5

Mortgage bonds

Up to 30%

6

Corporate bonds

Up to 50%

7

Sovereign bonds

Up to 100%

8

Securities or money market instruments issued by or guaranteed by a Member State, third country, approved by FSC or international organization

Up to 100%

9

Recently issued securities, which are to seek admission for trading on a regulated market

Up to 90%

10 Derivatives, according to art. 38 para. 1.7 of CISOUCIA Up to 30%

11

Other securities, according to art. 38 para. 1 of CISOUCIA

Up to 30%

12

Other financial instruments, allowed by law, not mentioned above

Up to 10%

 



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